Hi Jurek. In terms of your question about Reuters' numbers it is interesting that when I posted the numbers in the morning at 11.17 a.m. on Saturday, Reuters' stated that institutional investors held 163,157,115 shares or 38.23% of Connacher's common shares and then later at night on Saturday when I checked back at the Reuters' site the numbers had changed to 162,313,615 shares or 38.04% institutional ownership of Connacher's common shares. I have no idea why they changed the numbers the same day. With Resolute Funds stating in the latest Alternative report that they own 40,000,000 common shares (9.3%) and Fidelity Funds stating that they own 57,218,300 common shares (14.2%), together they appear to control 97,218,000 shares between them which is right at about 23.5% of Connacher's common shares. Connacher's website states that there are 403 common shares outstanding and then I assume that you add the 30 million flow through shares that were just sold to that for a total of around 440 million Connacher common shares. With a total reported number of institutional shares quoted at 162,313,615 minus the 97,218,000 that leaves 65,095,615 common shares to be split among the remaining 33 institutional share holders. I have no idea if this is reasonable or not without knowing who owns what.

I assume that you are referring to the numbers that between Wednesday, October 14 and Saturday, November 7 that 35,795,143 common shares were acquired by institutional share holders as being somewhat suspect in Reuters' reporting. I have no idea if this is believable or not. Resolute stated that they dumped 26,000,000 shares and if a third major institutional investor acquired them I suppose that it is possible. There is no way of knowing as I know of no websites in Canada which identify the institutional shareholders and the numbers of shares that they own. If anyone has such a source, maybe they can report on who the institutional investors are in Canada and how many shares each owns.

Best Wishes; Scott